888 Reports a 66% Drop in Profits for H1 2019

888, the Gibraltar-based online gaming company has reported a steep drop in their profits. The reported profit for the first six months of 2019 was US$22.2m, up against US$60.1m in the same period last year, which comes down to a 66% decline in profits.

Adjusted EBITDA stood at $41.8m, compared to $52.4 in H1 2018, with adjusted profit before tax at $27.1m ($42.5m). Basic earnings per share were 5.4c (15.4c).

As far as the second half of the year goes, the revenues to date have been in line with the expectations of the board, with the average daily revenue six per cent higher than Q3 2018.

Staying Positive

Upper management of 888 says that the company has delivered a solid performance in the first half of 2019. They say that their United Kingdom business has continued with its recovery and that the company has further expanded across several regulated European markets, including Sweden and Portugal.

“888 has delivered a solid performance in the first half of 2019. The group’s business in the UK has continued its recovery, which was underpinned by exciting product innovation as well as 888’s successful casual customer focus, and further expanded across several regulated European markets including launching its offering in Sweden and Portugal. The group has also completed two acquisitions including the exciting and strategic acquisition of a first-class sports betting platform and team, thereby giving 888 complete ownership for the first time of its technology and product development across the four key online gaming product verticals,” said Itai Pazner, CEO of 888.

Further commenting on the report, Pazner said: “First time depositors in the group’s B2C business have shown very healthy growth of 20 per cent driven in particular by casino. This very encouraging trend reflects highly effective marketing investment as well as the benefits of Orbit, 888’s latest casino platform, which has delivered strong results in each market where it has been launched.”

More on the Brand

888casino is one of the world’s most popular online gaming sites, with players in over 176 countries worldwide. The casino was founded in 1997 by online entertainment pioneers and it has revolutionized the way people play games on their computers by offering real money games with real money prizes for virtual wins.

The New Jersey online casino offers one of the richest selection of online casino games including all the player favorites like blackjack, roulette, classic slots, video slots and video poker. The video slots offering is packed with an endless variety of cutting edge, 3D animated games.

Safeguarding player information is a top priority at the online venue. They have designed a multi-faceted system to ensure that all your sensitive information is safe and secure. The security kicks in as soon as you open the casino and continues throughout your gameplay until you withdraw your money. The transactions are secured using the latest SSL and PGP technology.

Source:

“888’s Profit Declines”, Niji Narayan, europeangaming.eu, September 11, 2019.